The DREAMM-3 study was meant to be a confirmatory study for Blenrep, and its failure raises concerns over its use in earlier lines of therapy and the possibility that it could be removed from the market.

During Q3, biopharmas brought in an aggregate $18.1bn in financing and device company fundraising totaled $5.1bn; while in vitro diagnostic firms and research tools players raised $771m.

The new company will focus mainly on Ayala’s lead candidate for desmoid tumors, but minority owner Advaxis will take over management.

Biopharma stock prices overall are trending down again, but standout firms are raising cash, including the first company to price an IPO over $100m since May, Third Harmonic. Also, Sarepta and Alnylam launched large note offerings, totaling $1bn and $900m, respectively.